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Management s Discussion and Analysis of Financial Condition and Results of Operations and elsewhere in this annual report. The statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us.
The business is unprofitable at the operating level (-89.29% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 14.1% YoY. The question is whether this is cyclical or a structural shift.
ROIC dropped from -68.05% to -104.59%, capital efficiency is deteriorating. Negative free cash flow of -$17M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$21M
▼ -14.1% YoY
Net Income (TTM)
-$26M
▲ +31.2% YoY
Op. Margin
-120.25%
▲ +25.1pp YoY
ROIC
-148.40%
▼ -36.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$15M
▲ +22.5% YoY
Op. Cash Flow (TTM)
-$15M
▲ +22.5% YoY
Net Debt
-$3M
Net Cash Position
Cash & Equiv.
$11M
5Y CAGR: +38.1%
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